TORONTO, ONTARIO--(CCNMatthews - May 9, 2006) - CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:CML) is pleased to announce that it has reached a definitive agreement to purchase a previously operated hoist and headframe set, including all electrical components and an assortment of spare parts, and has commitments (engineering, procurement, construction and management - EPCM) for the disassembly, transportation and reassembly of the system at the Bucko Deposit in the Thompson Nickel Belt, Manitoba. The all inclusive cost for the installation of the system at the Bucko Deposit is approximately $1.0 million below what was estimated to have been the cost of a similar used equipment scenario in the recently completed feasibility study on the Bucko Deposit (refer to press release dated December 16, 2005). The purchase agreement requires an initial 10% downpayment totaling $65,000, with the balance of payment to be made upon disassembly and removal of equipment from the host site.
Thomas Atkins, President and CEO of Crowflight commented on the procurement of the hoist and headframe stating: "Our Vice President Operations, Paul Keller and his team have done a terrific job in sourcing this equipment and reducing the installed price by more than $1.0 million compared to what had been estimated in the feasibility study. It should be noted that in the feasibility study, the hoist-headframe system was the single piece of equipment that had been assumed to be used. To reduce the cost this significantly with an alternative used equipment set is a great achievement and bodes well for continued success in reducing the capital cost of the project as we look to source a number of pieces of new equipment, assumed in the feasibility study, with used components."
The hoist - headframe system purchased includes an 8 foot diameter hoist and 110 foot tall headframe with capacity to hoist in excess of 1,000 tonnes per day of ore from a depth of as much as 1,000 metres. The Bucko Deposit currently hosts a 1970's era 3-compartment shaft down to the 1000 Level (approximately 300 metres from surface) and includes approximately 800 metres of horizontal development at the 1000 Level. This underground infrastructure had been used by Falconbridge in its 1970's underground exploration program exploring the Bucko Deposit and which Crowflight is intending to rehabilitate to access the Deposit for its underground exploration, development and mining activities. The Bucko Deposit is currently permitted to allow for the rehabilitation of the shaft and underground workings. Crowflight submitted reports in support of full project permitting in early April and is expecting a response and possible full project permitting approvals within 3 to 4 months of this submission date. The Company has upgraded the access road into the site and constructed water settlement ponds to facilitate dewatering the rehabilitation of the underground.
The Company expects to mobilize on site to begin underground rehabilitation activities and commence the installation of the hoist and headframe set in July of this year as the first step of its development of the Bucko Lake Nickel Mine.
Crowflight - The Base Metal Builder
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Nickel Deposit; (2) an earn-in option with Falconbridge Limited on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property, the subject of a recent joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM's).
Further information is available on the Company's web site at www.crowflight.com.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.
Total Shares Outstanding: 121.5MM Fully Diluted: 165.0MM 52-Week Trading Range: C$0.18 - $0.33
FOR FURTHER INFORMATION PLEASE CONTACT:
CROWFLIGHT MINERALS INC.
President and CEO
(416) 861-8165 (FAX)
(604) 684-4743 x 30